Newsletters
Big Pharma’s Price Gouging
Washington,
October 23, 2020
Tags:
Health Care
Dear friend,
Since I came to Congress, I’ve heard countless stories from Orange County families about their struggles to afford prescriptions. For many, the skyrocketing costs of prescription drugs is a matter of life and death. Since day one, I’ve been taking action to lower the costs of prescription drugs. I’m not afraid to stand up to corporate interests, especially when the health of Orange County families is on the line. As working families struggle to make ends meet, Big Pharma executives “earn” multi-million dollar paychecks that are funded largely through enormous price increases, also known as price gouging. This burdens almost every American—regardless of whether or not they’re the ones taking the drug—because taxpayers are the ones footing the bill through Medicare. These taxpayer dollars should be providing older Americans with affordable health care. They shouldn’t be lining the pockets of Big Pharma CEOs. That’s why I introduced the Freedom from Price Gouging Act to hold Big Pharma accountable for putting profits before patients. This bill would protect patients from unnecessary price spikes by requiring drug manufacturers to pay the government back when they increase their prices of drugs covered under the Medicare Part B program. The House passed my bill, along with other measures to drive down prescription drug costs, last December. Unfortunately, the Senate still hasn’t taken up this legislation. Last month, the House Committee on Oversight and Reform held a series of hearings as part of a two-year investigation into prescription drug prices. Congressional hearings are an opportunity to invite the American people into critical conversations happening in the halls of Congress. During this hearing, I used my whiteboard to expose—and call out—Big Pharma CEOs for padding their profits, and their own pockets, by price gouging. I asked Mark Alles, the former CEO of the pharmaceutical company Celgene, about the half a million dollar bonus he got for tripling the price of a lifesaving cancer drug. When I asked the CEO of Amgen, Robert Bradway, about his multi-million dollar compensation, he failed to justify it. This has gone on for too long, and it’s time these CEOs be held accountable. During a recent congressional hearing, I used my whiteboard to compare drug prices and Big Pharma compensation. As your Representative, I’m committed to making health care more affordable for Orange County families. I look forward to working with my colleagues on both sides of the aisle to continue to advance bills that improve treatment and lower costs. Katie Porter Member of Congress |